Azeri $34 bln fund to remake holdings after Aussie, gold

Azerbaijan’s State Oil Fund is weighing expansion into new currencies to reflect the impact of faster growing economies after starting to buy Australian dollars and gold last year, its chief investment officer said.
With $34.1 billion in assets on Jan. 1, equivalent to almost 50 percent of the Caspian Sea nation’s economy, the fund, known as Sofaz, has broadened its mandate to keep as much as 5 percent of its assets in Australian dollars, Russian rubles and Turkish lira, Israfil Mammadov said in a March 13 interview in the capital, Baku………………………………………..Full Article: Source